Mutual of America Capital Management LLC Purchases 4,509 Shares of Brown & Brown, Inc. $BRO

Mutual of America Capital Management LLC boosted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 12.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 42,192 shares of the financial services provider’s stock after acquiring an additional 4,509 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Brown & Brown were worth $4,678,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Parnassus Investments LLC bought a new position in shares of Brown & Brown during the first quarter valued at approximately $899,139,000. Nuveen LLC bought a new position in Brown & Brown in the 1st quarter valued at $72,895,000. Vanguard Group Inc. grew its position in Brown & Brown by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider’s stock valued at $3,794,339,000 after acquiring an additional 560,980 shares during the last quarter. Raymond James Financial Inc. grew its position in Brown & Brown by 66.0% in the 1st quarter. Raymond James Financial Inc. now owns 1,169,936 shares of the financial services provider’s stock valued at $145,540,000 after acquiring an additional 465,028 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Brown & Brown by 51.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 952,423 shares of the financial services provider’s stock valued at $105,595,000 after acquiring an additional 323,733 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Paul J. Krump purchased 2,678 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was acquired at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the transaction, the director owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the transaction, the director owned 5,000 shares of the company’s stock, valued at approximately $457,200. The trade was a 25.00% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 17.02% of the company’s stock.

Brown & Brown Stock Up 1.0%

Brown & Brown stock opened at $89.14 on Thursday. The business has a fifty day moving average of $93.85 and a two-hundred day moving average of $103.23. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The firm has a market cap of $29.40 billion, a P/E ratio of 25.69, a P/E/G ratio of 1.99 and a beta of 0.79. Brown & Brown, Inc. has a twelve month low of $86.79 and a twelve month high of $125.68.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 EPS. On average, analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, November 5th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a dividend yield of 0.7%. Brown & Brown’s payout ratio is currently 17.29%.

Analyst Upgrades and Downgrades

BRO has been the topic of several recent analyst reports. Raymond James Financial reaffirmed an “outperform” rating and issued a $120.00 price target (down previously from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Weiss Ratings downgraded shares of Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. BMO Capital Markets dropped their target price on shares of Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 30th. Wells Fargo & Company dropped their price objective on Brown & Brown from $101.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Finally, Bank of America raised Brown & Brown from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $126.00 to $130.00 in a research note on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $109.92.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.